Common use of Classification Society Clause in Contracts

Classification Society. undertaking If so requested by the Agent, on or before the relevant Delivery Date, or immediately on any change of Classification Society for either Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of each Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time): (a) to send to the Agent, following receipt of a written request from the Agent, certified true copies of all original class records held by the Classification Society in relation to that Vessel; (b) to allow the Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel at the offices of the Classification Society and to take copies of them; (c) to notify the Agent immediately if the Classification Society: (i) receives notification from the relevant Owner or any person that that Vessel’s Classification Society is to be changed; (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Owner’s or that Vessel’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel (other than those which have been or are being complied with in accordance with their terms and which are not by their terms overdue for compliance); (d) following receipt of a written request from the Agent: (i) to confirm that the relevant Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society;

Classification Society. undertaking If so requested by the Agent, on or before the relevant Delivery Drawdown Date, or immediately on any change of Classification Society for either any Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of each such Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time): (a) to send to the Agent, following receipt of a written request from the Agent, certified true copies of all original class records held by the Classification Society in relation to that Vessel; (b) to allow the Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel at the offices of the Classification Society and to take copies of them; (c) to notify the Agent immediately by email ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇ and ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇) if the Classification Society: (i) receives notification from the relevant Owner or any person that that Vessel’s Classification Society is to be changed; (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Owner’s or that Vessel’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel (other than those which have not been or are being complied with in accordance with their terms and which are not by their terms overdue for compliance)terms; (d) following receipt of a written request from the Agent: (i) to confirm that the relevant Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society;.

Classification Society. undertaking If so requested by the Agent, on or before the relevant Delivery Date, or immediately on any change of Classification Society for either Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of each Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time):undertaking (a) to send to the Security Agent, following receipt of a written request from the Security Agent, certified true copies of all original class records held by the Approved Classification Society in relation to that VesselShip; (b) to allow the Security Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner that ▇▇▇▇▇▇▇▇ and that Vessel Ship at the offices of the Approved Classification Society and to take copies of them; (c) to notify the Security Agent immediately in writing if the Approved Classification Society: (i) receives notification from the relevant Owner that Borrower or any person that that VesselShip’s Approved Classification Society is to be changed;; or (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that VesselShip’s class under the rules or terms and conditions of that Owner’s Borrower or that VesselShip’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel (other than those which have been or are being complied with in accordance with their terms and which are not by their terms overdue for compliance)Approved Classification Society; (d) following receipt of a written request from the Security Agent: (i) to confirm that the relevant Owner that Borrower is not in default of any of its contractual obligations or liabilities to the classification society andApproved Classification Society, without limiting the foregoing, including confirmation that it has paid in full all fees or other charges due and payable to the classification societyApproved Classification Society; or (ii) if to confirm that Owner that Borrower is in default of any of its contractual obligations or liabilities to the classification societyApproved Classification Society, to specify to the Security Agent in reasonable detail the facts and circumstances of such default, the consequences thereofof such default, and any remedy period agreed or allowed by the classification society;Approved Classification Society.

Classification Society. undertaking If so requested by the Agent, on or before the relevant Delivery Date, or immediately on any change of Classification Society for either Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders may require in their sole discretion) the Classification Society of each Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent at such time): (a) to send to the Agent, following receipt of a written request from the Agent, certified true copies of all original class records held by the Classification Society in relation to that Vessel; (b) to allow the Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel at the offices of the Classification Society and to take copies of them; (c) to notify the Agent immediately by email (▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇, ▇-▇▇▇@▇▇▇▇▇▇▇.▇▇▇ and ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇) if the Classification Society: (i) receives notification from the relevant Owner or any person that that Vessel’s Classification Society is to be changed; (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Owner’s or that Vessel’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel (other than those which have been or are being complied with in accordance with their terms and which are not by their terms overdue for compliance)Vessel; (d) following receipt of a written request from the Agent: (i) to confirm that the relevant Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society;.

Classification Society. undertaking If if so requested by the AgentBank, on or before the relevant Delivery Drawdown Date, or immediately on any change of Classification Society for either Vessel, irrevocably instruct (in such form as the Agent and the Majority Lenders Bank may require in their its sole discretion) the Classification Society of each Vessel to do all or any of the following during the Facility Period (and use reasonable endeavours to procure that the Classification Society undertakes with the Agent Bank at such time): (a) to send to the AgentBank, following receipt of a written request from the AgentBank, certified true copies of all original class records held by the Classification Society in relation to that Vessel; (b) to allow the Agent Bank (or its agents), at any time and from time to time, to inspect the original class and related records of the relevant Owner and that Vessel at the offices of the Classification Society and to take copies of them; (c) to notify the Agent Bank immediately if the Classification Society: (i) receives notification from the relevant Owner or any person that that Vessel’s Classification Society is to be changed; (ii) becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Owner’s or that Vessel’s membership of the classification society; or (iii) has imposed any requirements or recommendations in respect of the relevant Vessel (other than those which have not been or are being complied with in accordance with their terms and which are not by their terms overdue for compliance)terms; (d) following receipt of a written request from the AgentBank: (i) to confirm that the relevant Owner is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or (ii) if that Owner is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Agent Bank in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society;